The Central Bank of Somalia has established a transformative national payment system for the first time in Somalia’s history. The system connects all of the banks in the country and enables them to transact with each other. It integrates automated clearing house (ACH), real time gross settlement (RTGS) and instant funds transfer (IFT) functionality into a single platform with links between CBS and the commercial banks. The national payment system will revolutionise the country’s financial sector, enabling a safer and more efficient payment infrastructure. It promotes financial system stability, speed of service and transactions, development of new lifestyle products and financial inclusion. See below a short video that tells the story of Somalia’s national payment system as well as pictures of the July 2021 launch event held at the prestigious Decale Hotel in Mogadishu.
